Profits rise heightens appetite for expansion

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Greggs plans to open a store every five days this year as Britons’ taste for
sausage rolls and sticky buns continues unabated.

The Newcastle-based baker reported pre-tax profits of £53 million, up 8 per
cent, with 16,800 staff sharing a £5.8 million bonus.

Ken McMeikan, the chief executive, said that he wanted to open 80 stores this
year, in addition to the 68 that were opened in 2010. The company has
long-term ambitions for 2,000 stores, compared with about 1,500 today.

Mr McMeikan, a former Tesco executive, said that expansion had been made
easier by high street landlords accepting lower